Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
28 July 2020
Premier African Minerals Limited
Completion Acquisition of Lithium Portfolio
Premier African Minerals Limited ("Premier" or the "Company") is pleased to confirm the completion of the sale and purchase agreement to acquire a portfolio of hard-rock lithium assets located in Zimbabwe and Mozambique from Lithium Consolidated Ltd ("Li3").
George Roach, Chief Executive of Premier commented, "the additional tenements in Zimbabwe complement our existing exploration projects and add potential for further discovery as well as the possibility of consolidating existing artisanal exploitation already prevalent in some of these additional areas.
The tenement acquired in Mozambique has reports of extensive illegal artisanal gold mining and Premier will immediately arrange a site presence and in conjunction with the Mines Department, plans to bring this under control while we understand the resource and the extent of the opportunity. I look forward to personally getting to this site as soon as possible and providing further updates as this develops."
As announced on 10 June 2020, the Company entered into a conditional Sale and Purchase Agreement ("Agreement") with Li3. The Company has satisfied both the purchase consideration of UA$150,000 (approximately £83,079.48) plus the payment of inspection fees for the claims in Zimbabwe until 2021 (approximately £9,557.97 in the form of 124,512,702 new ordinary Premier shares issued at an issue price of 0.0744p ("Consideration Shares"), the issue price being the daily volume weighted average price during the five days trading days immediately prior completion.
Application will be made for the Payment Shares, which rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM and admission is expected to take place on or around 10 August 2020.
Total Voting Rights
Following the issue of the Consideration Shares, the Company's issued share capital consists of 12,561,557,116 Ordinary Shares, with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
Premier African Minerals Limited
Tel: +27 (0) 100 201 281
Michael Cornish / Roland Cornish
Beaumont Cornish Limited
Tel: +44 (0) 20 7628 3396
Jerry Keen/Edward Mansfield
Shore Capital Stockbrokers Limited
Tel: +44 (0) 20 7408 4090
Notes to Editors:
Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused on Southern Africa with its RHA Tungsten and Zulu Lithium projects in Zimbabwe.
The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company holds 5,010,333 shares in Circum Minerals Limited, the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset.
In addition, the Company holds a 19% interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.